BTC pulling back to 618 Fibonacci Level - Possible Outcome
Updated
BTCUSD has held up well through this bottoming process.
Took the short trade this week and have been lightening that position, there is a potential to go lower to try the 78.6% Fibonacci level at 6590 but for me, I've taken a nice 700 point chunk of meat out of this move and want to lighten my risk here.
We dropped hard Saturday morning (US West Coast) to hit the 61.8% Fibonacci level and I took that opportunity to buy (cover 1/2 short) into this weakness.
I'm not looking to go net long just yet but this chart is what that could look like from here.
If 6590 breaks then the 5755 May lows level is next on the agenda, followed by 4975 and 3000. If those do happen, I'd love to see the MACD on the 3 day chart, hold a higher low confirming the bottom, which it has done thus far. If MACD confirms the down move well then, hold on because Winter will last a lot longer.
Took the short trade this week and have been lightening that position, there is a potential to go lower to try the 78.6% Fibonacci level at 6590 but for me, I've taken a nice 700 point chunk of meat out of this move and want to lighten my risk here.
We dropped hard Saturday morning (US West Coast) to hit the 61.8% Fibonacci level and I took that opportunity to buy (cover 1/2 short) into this weakness.
I'm not looking to go net long just yet but this chart is what that could look like from here.
If 6590 breaks then the 5755 May lows level is next on the agenda, followed by 4975 and 3000. If those do happen, I'd love to see the MACD on the 3 day chart, hold a higher low confirming the bottom, which it has done thus far. If MACD confirms the down move well then, hold on because Winter will last a lot longer.
Trade active
So far 50% is holding, 10k would be the next level if the count is correct. Alternatively we could have already put in wave 3 and 9100 would be a more reliable target.
I write a newsletter about edges in financial markets…and life. Traders responsible for 9+ figures in daily transactions read it and you should too. Former USMC. pollinatetrading.com
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